Financial Statements
The 3 statements we went over in class
What are the Balance sheet, Income Statement, and Cash Flow Statement?
Operating activities are
What are Cash flows from normal business operations?
Assets are
Resources owned by the business
Revenue is
What is Total income generated from sales?
Balance Sheet Definition
What is a summary of a business's financial position at a certain point in time?
Investing activities are
What are Cash flows from buying and selling assets?
Liabilities are
Expenses are
What are Costs incurred in the process of generating revenue?
Income statement Definition
What is
A report summarizing the income, expenses, and profit over a period of time.
Financing activities are
What are Cash flows from activities that finance the business?
Accounts Payable are
What is Money owed by a business for goods or services received?
Operating Costs are
What are Costs for the purchase of inputs and services quickly used up?
Cash Flow statement definition
what is a financial statement that shows the inflows and outflows of cash within a business during a specific period.
Liquidity is
What is The ability of a business to pay off its liabilities?
Accounts Receivable are
What is Money owed to the business for goods delivered or services rendered?
Gross Income is
What is the Total income before expenses?